Nationwide Title Clearing Sued by Illinois Over Documents

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http://www.businessweek.com/news/2012-02-02/nationwide-title-clearing-sued-by-illinois-over-documents.html

Feb. 2 (Bloomberg) -- Illinois Attorney General Lisa Madigan sued Nationwide Title Clearing Inc., a Florida company she claims caused the filing of faulty documents with county clerks.

“The practices that NTC used were a key contributor to the mortgage crisis by undermining the integrity and accuracy of the mortgage servicing and foreclosure process,” Madigan said today in a statement.

Nationwide Title Clearing prepares documents for mortgage servicers to use against borrowers in default, foreclosure and bankruptcy, Madigan said. Among the documents are mortgage assignments used by lenders in foreclosures.

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Madigan also seeks imposition of $50,000 fines for each finding that the company breached Illinois’s Consumer Fraud and Deceptive Business Practices Act with the intent to defraud, or a single fine of $50,000 if the court finds the company violated the act without intending to commit fraud.

[mopinko]

1. love lisa madigan

wish her old man would retire so i could support her for a higher office.
but she is a real fighter for regular people.

[sueh]

2. lisa madigan rocks! She is the best atty gen Illinois has had for many years...

I'm in no hurry for her to move on to higher office, yet.

[JPZingher]

4. Breaking Madigan scandal

A seemingly small issue in Rockford exposes a statewide problem that Mike Madigan, Lisa Madigan, Pat Quinn and John Cullerton have been working very hard to hide from the public to keep the banking industry happy. Every so often, someone is forced to give up their PIN and ATM card and then killed so the killer can clean out their bank account. Data from the Rockford PD shows that somewhere between 3 and 6% of all murders in Illinois involved this crime pattern. That’s 22 to 44 murders in 2010. In order to protect the ATM business model, they’ve blocked legislation that would expose the problem and put out false reports on it. As the matter is exposed in other states, people will start asking how it could have gone like this for so long, and the only conclusion is pretty ugly. http://rockrivertimes.com/2011/11/30/guest-column-forced-atm-withdrawal-a-distinct-felony/ http://h20cooler.wordpress.com/2012/01/11/the-empty-building-hypothetical-redux/ http://www.ilga.gov/legislation/BillStatus.asp?DocNum=4155&GAID=8&DocTypeID=HB&LegId=22077&SessionID=50&GA=94
http://ilga.gov/legislation/fulltext.asp?DocName=09600HB1963ham001&GA=96&SessionId=76&DocTypeId=HB&LegID=43869&DocNum=1963&GAID=10&Session=

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3. Here is a link to the Complaint:

http://www.scribd.com/doc/80395747/COMPLAINT-02-02-2012-10-22-18

Nationwide Title Clearing, Inc., (“NTC”) is a document production factory. NTC has created, signed and recorded hundreds of thousands of documents for financial institutions within the mortgage industry. These documents include mortgage assignments, lien releases, and affidavits, along with other documents affecting interests in land. These documents have been recorded in county recording offices throughout Illinois and across the nation.